Background Custodia Bank, a digital asset bank, sued the Federal Reserve (Fed) in 2022 after the Fed delayed a decision on granting them a master account. In January 2023, the Fed rejected Custodia’s application for both membership and a master account. Custodia’s Arguments Custodia argued that they needed a master account to access the Fed’s…
Enhanced Screening Process Binance is cracking down on US traders by implementing stricter screening measures. They’re working with prime brokers like FalconX and Hidden Road to verify the location of clients’ offices, founders, and employees. This move aims to ensure compliance with regulatory expectations and exclude US investors. Stricter Token Listing Requirements Beyond client screening,…
CFTC’s Aggressive Approach Raises Concerns The Commodity Futures Trading Commission (CFTC) recently filed a lawsuit against crypto exchange KuCoin, alleging violations of banking and anti-money laundering laws. However, Commissioner Caroline Pharm warns that this action may overstep the CFTC’s authority and undermine the Securities and Exchange Commission’s (SEC) jurisdiction over securities trading. CFTC’s Interpretation of…
Introduction Losing access to your crypto wallet can be a nightmare. Your seed phrase is the key to recovering your funds, so it’s crucial to know where it is and how to keep it safe. Understanding Seed Phrases A seed phrase is a random sequence of 12-24 words generated when you create a crypto wallet….
A state-owned bank in Ethiopia is scrambling to recover millions of dollars after a system update allowed customers to withdraw more money than they had in their accounts. Millions Drained in Hours The Commercial Bank of Ethiopia (CBE) reports that $14 million was withdrawn within hours as news of the malfunctioning system spread quickly among…
Bitcoin Cash (BCH) has witnessed a significant surge of over 37% in the past week, fueled by the anticipation of its upcoming halving event. Halving Date and Block Reward Reduction BCH’s halving is scheduled for April 3rd, as per NiceHash. This event occurs every four years, reducing the block reward by half. On April 3rd,…
Outflows Drop 60% Last week, investors were pulling out of the Grayscale Bitcoin ETF (GBTC) at a rapid pace. But this week, things have changed. Outflows have slowed down, reaching one of their lowest points for the month. On March 27th, 299.8 BTC left the fund. The next day, that number dropped to 104.9 BTC,…
A UK judge has frozen over $7.6 million of computer scientist Craig Wright’s assets after ruling that he is not the founder of Bitcoin. Court Documents Reveal Concerns Court documents show that the judge ordered the worldwide freeze to prevent Wright from avoiding court costs. The judge noted that Wright may have transferred his assets…
Sharks Accumulate Massive Amount of Bitcoin Bitcoin investors holding between 100 and 1,000 BTC (known as “sharks”) have been buying heavily in the past month. They’ve added a net 268,441 BTC to their wallets, worth approximately $18.6 billion. This is the largest accumulation by sharks since 2012. Significance of Shark Activity Sharks are smaller than…
Grayscale, a big player in the crypto world, has launched a new fund called the “Dynamic Income Fund” (GDIF). This fund focuses on investing in cryptocurrencies that use the “proof-of-stake” method. What is Proof-of-Stake? In proof-of-stake, investors help secure a blockchain network by “staking” their tokens. In return, they earn rewards in the form of…
